Federal Oil, Gas Auctions Fetch $1.1 Billion in 2018, Nearly Triple Previous Record

The U.S. Bureau of Land Management state offices generated more than $1.1 billion of revenue from oil and gas lease sales during 2018, nearly thrice the previous record of $408 million set a decade ago, according to a Feb. 6 press release. The agency’s New Mexico office held 2018’s biggest lease sale in September, earning a record-breaking $972 million, which is more than all the sales in 2017 combined.

• The agency held 28 oil and gas auctions in 2018, leasing a total of 1,412 parcels, covering almost 1.5 million acres.
• The revenue generated in 2018, the highest grossing year on record, is almost equal to the agency’s budget for Fiscal Year 2018.
• The agency said that 48 percent of the revenue – nearly $500 million – has gone back to states.
• In 2019, the agency is scheduled to hold 28 oil and gas lease sales.

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